The 'General Agreement on Tariffs and Trade' was replaced by the WTO in which year? MCQ with Answer and Explanation

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The 'General Agreement on Tariffs and Trade' was replaced by the WTO in which year?

A. 1995

B. 1998

C. 2001

D. 1993

Answer: Option A

Solution (By JKSSB Mock Tests)

The WTO replaced GATT in 1995.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' on edible oils is:

A. 18%

B. 0%

C. 12%

D. 5%

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Correct Answer: Option D

Explanation:
Edible oils attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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The largest component of India's GDP in recent years is contributed by the:

A. agriculture sector

B. services sector

C. mining sector

D. manufacturing sector

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Correct Answer: Option B

Explanation:
The services sector is the largest contributor to India's GDP.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Contingency Fund of India' is held by:

A. Prime Minister

B. President

C. RBI

D. Finance Minister

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Correct Answer: Option B

Explanation:
The Contingency Fund of India is placed at the disposal of the President.

This question belongs to: Economy GK Economy Set 1

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